Indiana § 5-20-1-17 State power to alter authority; pledge against impairment of authority
contracts

Indiana Statutes

§ 5-20-1-17 — State power to alter authority; pledge against impairment of authority contracts

Indiana § 5-20-1-17

Title 5STATE AND LOCAL ADMINISTRATION

Art. 20HOUSING

Ch. 1Indiana Housing and Community Development Authority

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Bluebook

Ind. Code § 5-20-1-17 (2026).

Text

State Power to Alter Authority; Pledge
Against Impairment of Authority Contracts. The state may at any time,
or from time to time, alter or change the structure, organization
programs, activities or powers of the authority and may, at its sole
discretion, terminate the existence of the authority. However, the state
pledges and agrees with the holders of any obligations issued pursuant
to this chapter that the state will not limit or alter the rights vested in
the authority to fulfill the terms of any agreements made with the
holders thereof, or in any way impair the right and remedy of the
holders until the notes or bonds, together with the interest thereon, with
interest on any unpaid installments of interest, and all costs and
expenses in connection with any action or proceeding by or on

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State Power to Alter Authority; Pledge
Against Impairment of Authority Contracts. The state may at any time,
or from time to time, alter or change the structure, organization
programs, activities or powers of the authority and may, at its sole
discretion, terminate the existence of the authority. However, the state
pledges and agrees with the holders of any obligations issued pursuant
to this chapter that the state will not limit or alter the rights vested in
the authority to fulfill the terms of any agreements made with the
holders thereof, or in any way impair the right and remedy of the
holders until the notes or bonds, together with the interest thereon, with
interest on any unpaid installments of interest, and all costs and
expenses in connection with any action or proceeding by or on behalf
of such holders are fully met and discharged. The authority is
authorized to include this pledge and agreement of the state in any
agreement with the holders of such notes or bonds.
As added by Acts 1978, P.L.28, SEC.1.